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Suppose that a monopoly producer of a patented software product (e.g. financialsoftware)faces the following demand function for its product: q^D = 1000 -2P
where q measures monthly quantity demanded and P is the price per unit. The firm’smonthly short-run cost function, which relates total cost ($ TC) to output (q), is given by the following quadratic cost expression: TC = 2000 + 10q + 0.05q^2
a. Given this information, determine the firm’s optimum output, price, revenue, cost and profit. Illustrate the firm’s financial position using the per-unit cost and revenue functions.
b. Now assume this market can be modeled as Perfectly Competitive. Determine and illustrate the market equilibrium price and quantity, consumer and producer surplus, and the deadweight loss (DWL) from monopoly.
It is customary for the News media to report about consumer confidence and investor confidence while discussing the national economy. How do you think the confidence of the economic agents affect the economy? From personal or work experience, state f..
The Economist magazine uses the price of a Big Mac to determine whether a currency is under-valued or overvalues. In July 2012, the price of a Big Mac was $4.33 in New York, 15.65 yuan in Beijing, and 6.50 Swiss francs in Geneva. Was the yuan underva..
Suppose you get a student loan for $8,000, and your payments are deferred until after you graduate, 2 years from now. Then, you will make 15 yearly payments (starting 2 years from now). What are your payments? The interest rate is 8%/year.
A tractor costs $19,195 and will be used for 5 years, at which time its estimated salvage value will be $4,000. Maintenance costs are estimated to be $100 for the first year, increasing by $100 each year thereafter. If i=12%, calculate the equivalent..
Compared to an income tax, does an inflation tax place a greater or lesser burden on the poor? Please explain your answer.
Specify whether you agree or disagree with the statement as it appears on the topic survey.
Suppose production function for burritos at Chipotle is Q =4k^1/2 L^1/2.They currently own 4 units of capital and are not able to change this during the short run. The rental rate of capital is $10 and the wage rate is $20. What is Chipotle's short r..
The private marginal benefit associated with a product’s consumption is PMB = 360 – 4Q and the private marginal cost associated with its production is PMC = 6Q. Furthermore, the marginal external damage associated with this good’s production is MD = ..
Suppose 20 balls are placed in a bag. 10 balls are red, 9 balls are yellow and 1 ball is green. If you draw a red ball you must pay $10. If you draw a yellow ball you get $2. If you draw the green ball you get $100.
Graphically illustrate the concept of an over-valuation of the dollar vis-a-vis the euro. What is the real explanation of the fact? Feel free to use your own data to illustrate the point.
Arizona and manufactures clay fire pits for patios. They are one of about two dozen firms around the world that manufacture and sell clay fire pits for retailers such as Home Depot, Lowe’s, Front Gate, and other upscale home product chains. If Redsto..
Assume that the state government is interested in subsidizing the local production of steel. The current price of steel is $1600 per ton and the government wants to provide a subsidy of $100 per ton. Use a diagram to indicate the pre-subsidy situatio..
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